Method of assisted education planning

ABSTRACT

A method of planning for an education with the assistance of a single source includes a user communicating with the single source for planning for multiple financial needs for an education, determining various insurance protection plans which are provided by the single source, selecting financing options for the education which are provided by the single source, obtaining spending tools which are provided by the single source, and procuring communications tools which are provided by the single source.

CLAIM TO EARLIER APPLICATIONS

This application claims priority to co-assigned U.S. Provisional PatentApplication No. 60/498,490, filed Aug. 20, 2003, entitled LIFEEVENT-COLLEGE, naming Stuart Parker as inventor, which is incorporatedby reference in its entirety.

BACKGROUND

The disclosures herein relate generally to a method of planning for aneducation and more particularly to planning for an education with theassistance of a single source such as a membership organization.

The event of going to school, or having a dependent go to school,requires planning in order to be prepared when that time comes. Issuessuch as figuring out education costs, financing education costs,obtaining financial assistance, keeping in contact with family whileaway at school, and possibly dealing with finances and credit for thefirst time may need to be addressed. This may be accomplished by savingmoney, using investment vehicles, activating communicationstechnologies, obtaining bank accounts and credit accounts, and seekingout different sources of information.

The decisions relating to saving and investing money need to beresearched, selected, and activated. In addition, various insuranceneeds must be considered, communication technologies must be employed,and banking and credit accounts must be researched, selected, andactivated. Last, information may need to be provided to prepare formoney management and dealing with credit. Thus, a thorough educationplan can involve much time consuming planning including numerousconsultations and interactions with many different sources, resulting ina very inefficient process.

Accordingly, it would be desirable to provide a method of assistededucation planning absent the disadvantages found in the prior methodsdiscussed above.

SUMMARY

One embodiment, accordingly, provides a method of planning for aneducation with the assistance of a single source. Thus, a person cancommunicate with the single source for planning for financial needs foran education, various insurance protections, multiple investmentproducts, employment of communications technologies, activation ofspending tools, and information to prepare for managing money andcredit. The planning, insurance protection, investment products,communication technology employment, spending tool activation, andrelated information are available from the single source.

A principal advantage of this embodiment is that the person planning ongoing to school, or a parent whose child is planning on going to school,can rely on a single source for receiving consistent advice fromcounselors, consistent and objective guidelines, and a variety ofproduct mix offered by the single source.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is a schematic view illustrating a known scenario for educationplanning.

FIG. 2 is a schematic view illustrating an embodiment of a method foreducation planning.

FIG. 3 is a chart view illustrating an embodiment of a method foreducation planning.

FIG. 4 is a schematic view illustrating an embodiment of a system foreducation planning via a network.

FIGS. 5-18 are embodiments of screen shots for a website to assist auser in education planning via a network.

DETAILED DESCRIPTION

Present day planning for an education 100, FIG. 1, requires advancedplanning, protection, investment, preparation, management, and payment.A person planning for an education may be a student planning for theirown education, or a payor, such as a student's parent, planning for theeducation of the student. A person planning for an education at 102needs to assess their personal present and estimated future financialposition, provide for insurance protection for their savings, acquireinvestment plans, determine which school to attend and the costsassociated, and may need to activate communications and spending toolsfor use while off at school. This process may include accessinginformation at 104 by in-person interviews, mail, phone, fax or on-lineon the internet. Such information may be available from several sourcessuch as a financial planner at 106, an insurance company or companies at108, an education institution at 110, a bank at 112, various investmentadvisors at 114, a phone company at 116, and an internet serviceprovider at 118, in order to provide for an education plan at 120.

A more ideal situation provides a method of planning for an education at200, FIG. 2. A person planning for an education at 202 can accessinformation at 204 provided as a service by a single source by in-personinterviews, mail, phone, fax or electronic communication such ascommunication over the internet. This can be accomplished by the personusing the assistance of the single source at 206. The single source 206can be an organization which requires the user to be a member. Thus, thesingle source 206 assists in the planning, protection, investment,preparation, management, and payment for an education plan at 208. Theeducation plan can be for various educational institutions including,but not limited to, pre-schools, elementary schools, preparatoryschools, colleges, graduate schools, and post-graduate schools.

An overview of education planning is illustrated in FIG. 3, whereplanning for an education includes the single source 300 assisting theuser in planning at 302, protecting at 304, investing at 306, preparingat 308, managing at 310, and paying at 312. For purposes of exampleonly, an education plan for college is illustrated.

During the planning phase 302, the single source can assist the user inassessing their needs and current financial situation, identifying thecost of college and the savings required to meet that cost, exploringand comparing savings options, and accessing personal advice andassistance, all of which alternatives are provided by the single source.In addition, the single source will assist the user in monitoringchoices made during the planning phase.

During the protecting phase 304, the single source can assist the userin determining their insurance needs, calculating the proper insurance,and purchasing insurance coverage, all of which are provided by thesingle source. In addition, the single source will assist the user inmonitoring choices made during the protecting phase.

During the investing phase 306, the single source can assist the user inassessing their investment needs, determining the appropriate investmentproducts to meet their investment needs, developing an investment plan,and opening investment accounts, all of which are provided by the singlesource. In addition, the single source will assist the user inmonitoring choices made during the investing phase.

During the preparing phase 308, the single source can assist the user inresearching their college needs, exploring financial aid and scholarshipopportunities, exploring and comparing savings options, and determiningresidence and transportation options, all of which are provided by thesingle source. In addition, the single source will assist the user inmonitoring choices made during the preparing phase.

During the managing phase 310, the single source can assist the user inproviding education information for the student, determining theappropriate mix of products and services, assessing insurance needs, andpurchasing insurance coverage, all of which are provided by the singlesource. In addition, the single source will assist the user inmonitoring choices made during the managing phase.

During the paying phase 312, the single source can assist the user inassessing payment options and developing a payment strategy, both ofwhich are provided by the single source. In addition, the single sourcewill assist the user in monitoring choices made during the paying phase.

In one embodiment, FIG. 4, information is accessed by means of aninformation handling system 400 accessing a website 402 of the singlesource such as a membership organization, via a network 404 such as theinternet. For purposes of this disclosure, an information handlingsystem 400 can include any instrumentality or aggregate ofinstrumentalities operable to compute, classify, process, transmit,receive, retrieve, originate, switch, store, display, manifest, detect,record, reproduce, handle, or utilize any form of information,intelligence, or data for business, scientific, control, or otherpurposes. For example, an information handling system can be a personalcomputer, a network storage device, or any other suitable device and canvary in size, shape, performance, functionality, and price. Theinformation handling system can include random access memory (RAM), oneor more processing resources such as a central processing unit (CPU) orhardware or software control logic, ROM, and/or other types ofnonvolatile memory. Additional components of the information handlingsystem can include one or more disk drives, one or more network portsfor communicating with external devices as well as various input andoutput (I/O) devices, such as a keyboard, a mouse, and a video display.The information handling system can also include one or more busesoperable to transmit communications between the various hardwarecomponents.

The information handling system 400 includes a microprocessor 406, whichis connected to a bus 408. Bus 408 serves as a connection betweenmicroprocessor 406 and other components of information handling system400. An input device 410 is coupled to microprocessor 406 to provideinput to microprocessor 406. Examples of input devices includekeyboards, touchscreens, and pointing devices such as mouses, trackballsand trackpads. Programs and data are stored on a mass storage device412, which is coupled to microprocessor 406. Mass storage devicesinclude such devices as hard disks, optical disks, magneto-opticaldrives, floppy drives and the like. Information handling system 400further includes a display 414, which is coupled to microprocessor 406by a video controller 416. A system memory 418 is coupled tomicroprocessor 406 to provide the microprocessor with fast storage tofacilitate execution of computer programs by microprocessor 406. Itshould be understood that other busses and intermediate circuits can bedeployed between the components described above and microprocessor 406to facilitate interconnection between the components and themicroprocessor.

The website 402, FIG. 4, can offer a start page 500, FIG. 5, forplanning for an education. The start page can include a payor link 502for accessing a payor menu directed to a person, such as a parent,planning for the education of a student, and a student link 504 foraccessing a student menu directed to a student planning for aneducation.

Payor link 502 on the website 402, FIG. 4, can access a payor menu 600,FIG. 6, for planning for an education. The payor menu 600 can offer aplurality of options for saving for an education at 602 including linksto assess needs at 604, determine the proper savings options at 606, andprotect savings at 608. The payor menu 600 can further offer a pluralityof options for when it is time to pay for an education at 610 includinglinks to information on financial assistance at 612, financing optionsat 614, consolidating investments at 616, and cashing in investments at618. The payor menu 600 can still further offer a plurality of optionsfor helping a student while receiving an education at 620 includinglinks to obtaining spending cards and spending accounts at 622,obtaining communications tools at 624, and providing insurance for thestudent at 626.

Assess needs link 604 on website 402, FIG. 4, can include access to aneducation cost calculator that can help the user determine the cost foran education when considering variables such as the number of yearsspent at the educational institution and whether the educationalinstitution is private or public. There can also be access to aneducational funding calculator that can help the user determine how muchmoney to save on a periodic basis for the education when consideringvariables such as inflation, investment returns, the amount alreadysaved for an education, and the age of the student the education isbeing planned for. Determine proper savings options link 606 can includeaccess to a savings options page 700, FIG. 7, which includes informationon education related investment vehicles which provide tax benefits suchas 529 College Savings Plans at 702, Coverdell Education SavingsAccounts at 704, custodial accounts, such as a Uniform Gifts to MinorsAccount or a Uniform Transfers to Minors Account, at 706, and prepaidtuition plans at 708. Information on savings options 702-708 includesthe ability to open a plan or account from the single source. Protectsavings link 608, FIG. 6, can include access to an insurance page 800,FIG. 8, which includes information on any insurance that can protectincome or assets such as life insurance at 802 and disability incomeinsurance at 804. Many other types of insurance may be available, suchas liability insurance, malpractice insurance, and property insurance.Information on insurance 802 and 804 includes the ability to purchaseinsurance from the single source. Insurance page 800 can also include alife insurance needs calculator 806.

Information on financial assistance link 612, FIG. 6, on website 402,FIG. 4, can include access to a financial assistance page 900, FIG. 9,which includes information on federal government aid programs at 902,how financial aid is determined at 904, expected family contributions at906, the free application for federal student aid (FAFSA) at 908, andscholarships at 910. Financing options link 614, FIG. 6, can includeaccess to a financing options page 1000, FIG. 10, which includesinformation on financing options at 1002, lines of credit at 1004 suchas home equity lines of credit, and loans at 1006 such as home equityloans. Information 1004 and 1006 includes the ability to apply for andreceive a line of credit or loan from the single source. Consolidatinginvestments link 616, FIG. 6, can include access to a consolidatinginvestments page 1100, FIG. 11, which includes information onconsolidating investments into a 529 College Savings Plan at 1102, andinformation on consolidating investments into a money market account,such as a money market mutual fund account or a money market bankaccount, at 1104. Information on consolidating investments 1102 and 1104includes information on the benefits of the different options and theability to open a plan or account from the single source in order toconsolidate investments. Consolidating investments page can furtherinclude the ability to contact a financial planner at 1106. Cashing ininvestments link 618, FIG. 6, can include access to a cashing in page1200, FIGS. 12 a and 12 b, which includes recommendations about, and thetax and financial considerations for, cashing in education relatedinvestment vehicles which provide tax benefits such as prepaid tuitionsplans at 1202, 529 College Savings Plans at 1204, Coverdell EducationSavings Accounts at 1206, and custodial accounts, such as a UniformGifts to Minors Account or a Uniform Transfers to Minors Account, at1208.

Spending card and spending account link 622, FIG. 6, on website 402,FIG. 4, can include access to a spending card and spending account page1300, FIG. 13, which includes the ability to obtain a spending accountat 1302 and a spending card at 1304, both from the single source. Aspending account can be a variety of accounts, including checking,savings accounts, and prepaid spending card accounts. A spending cardcan be a variety of cards, including credits cards, debit cards, andprepaid cards. Information on handling credit, money management, andinsurance is available at 1306. Communication tools link 624, FIG. 6,can include access to a communication tools page 1400, FIG. 14, whichincludes the ability to obtain an internet service provider at 1402,telephone service at 1404, and a wireless service provider at 1406, allfrom the single source. Providing insurance link 626, FIG. 6, caninclude access to an insurance page 1500, FIG. 15, which includes theability to obtain health insurance at 1502, motor vehicle insurance at1504, and property insurance at 1506, all from the single source.

Student link 504, FIG. 5, on the website 402, FIG. 4, can access astudent menu 1600, FIG. 6, for planning for an education. The studentmenu 1600 can offer a plurality of information at 1602 including linksto information on money management at 1604, handling credit at 1606, andinsurance at 1608. The student menu 1600 can further offer a pluralityof products at 1610 including links to obtaining spending accounts andspending cards at 1612, communications tools at 1614, and insurance at1616.

Money management link 1604, FIG. 16, on the website 402, FIG. 4, canaccess to a money management page 1700, FIG. 17, which includes links toinformation on setting up a budget at 1702, paying bills at 1704,managing finances at 1706, managing a spending account at 1708, andinvesting at 1710. Handling credit link 1606, FIG. 16, can access ahandling credit page 1800, FIG. 18, which includes information on creditcard terms at 1802, different credit card solicitations at 1804, creditcard usage tips at 1806 and 1808, getting out of debt at 1810, andcredit scores at 1812.

Although illustrative embodiments have been shown and described, a widerange of modification, change and substitution is contemplated in theforegoing disclosure and in some instances, some features of theembodiments may be employed without a corresponding use of otherfeatures. Accordingly, it is appropriate that the appended claims beconstrued broadly and in a manner consistent with the scope of theembodiments disclosed herein.

1. A method of planning for an education with the assistance of a singlesource comprising: a user communicating with the single source forplanning for multiple financial needs for an education; the usercommunicating with the single source for determining various insuranceprotection plans which are provided by the single source; and the usercommunicating with the single source for selecting financing options forthe education which are provided by the single source.
 2. The method ofclaim 1 wherein the planning includes assessing the users needs andcurrent financial situation.
 3. The method of claim 1 wherein theplanning includes determining the cost of the education and the savingsrequired to pay for the education.
 4. The method of claim 1 wherein theplanning includes exploring and comparing multiple savings options forthe education.
 5. The method of claim 1 wherein the determining includesdetermining the need for and purchasing life insurance.
 6. The method ofclaim 1 wherein the determining includes determining the need for andpurchasing disability income protection.
 7. The method of claim 1wherein the determining includes determining the need for and purchasinghealth insurance.
 8. The method of claim 1 wherein the determiningincludes determining the need for and purchasing motor vehicleinsurance.
 9. The method of claim 1 wherein the determining includesdetermining the need for and purchasing property insurance.
 10. Themethod of claim 1 wherein the selecting includes selecting a home equityline of credit.
 11. The method of claim 1 wherein the selecting includesselecting a home equity loan.
 12. The method of claim 1 wherein theselecting includes selecting a 529 college savings plan.
 13. The methodof claim 1 wherein the selecting includes selecting a CoverdellEducation Savings Account.
 14. The method of claim 1 wherein theselecting includes selecting a custodial account.
 15. The method ofclaim 1 wherein the selecting includes selecting an education relatedinvestment vehicle which provides tax benefits.
 16. The method of claim1 wherein the selecting includes selecting a money market account. 17.The method of claim 1 wherein the selecting includes opening at leastone account.
 18. The method of claim 1 further comprising: the usercommunicating with the single source for obtaining spending toolsprovided by the single source.
 19. The method of claim 18 wherein theobtaining includes obtaining a spending account.
 20. The method of claim18 wherein the obtaining includes obtaining a spending card.
 21. Themethod of claim 1 further comprising: the user still furthercommunicating with the single source for procuring communications toolsprovided by the single source.
 22. The method of claim 21 wherein theprocuring includes procuring an internet service provider.
 23. Themethod of claim 21 wherein the procuring includes procuring telephoneservice.
 24. The method of claim 21 wherein the procuring includesprocuring a wireless service provider.
 25. A method of planning for aneducation with the assistance of a single source comprising: the singlesource providing a first information handling system (IHS); a usercommunicating with the first IHS by means of a second IHS; providinginformation about saving money for an education to the user; offering aplurality of saving options provided by the single source to the user;providing information about insurance to the user; offering a pluralityof insurance options provided by the single source to the user;providing information about financing an education to the user; offeringa plurality of financing options provided by the single source to theuser; providing information about spending tools to the user; offering aplurality of spending tools provided by the single source to the user;providing information about communication tools to the user; andoffering a plurality of communication tools provided by the singlesource to the user.
 26. The method of claim 25 wherein the informationabout saving money includes calculating the cost of education.
 27. Themethod of claim 25 wherein the information about saving money Includesdetermining a monthly amount to be saved in order to pay for theeducation.
 28. The method of claim 25 wherein the savings optionsinclude a 529 College Savings Plan.
 29. The method of claim 25 whereinthe savings options include a Coverdell Education Savings Account. 30.The method of claim 25 wherein the savings options include a custodialaccount.
 31. The method of claim 25 wherein the savings options includean education related investment vehicle which provides tax benefits. 32.The method of claim 25 wherein the information about insurance includescalculating the needs of the user.
 33. The method of claim 25 whereinthe insurance options include life insurance.
 34. The method of claim 25wherein the insurance options include disability income protection. 35.The method of claim 25 wherein the insurance options include carinsurance.
 36. The method of claim 25 wherein the insurance optionsinclude property Insurance.
 37. The method of claim 25 wherein theinsurance options include health insurance.
 38. The method of claim 25wherein the information about financing includes information aboutgrants and scholarships.
 39. The method of claim 25 wherein theinformation about financing includes information about cashing ininvestments.
 40. The method of claim 25 wherein the financing optionsinclude a home equity line of credit.
 41. The method of claim 25 whereinthe financing options include a home equity loan.
 42. The method ofclaim 25 wherein the financing options includes investmentconsolidation.
 43. The method of claim 25 wherein the financing optionsinclude a money market account.
 44. The method of claim 25 wherein theinformation about spending tools includes advice on how to manage money.45. The method of claim 25 wherein the information about spending toolsincludes advice on how to manage credit.
 46. The method of claim 25wherein the spending tools include a spending account.
 47. The method ofclaim 25 wherein the spending tools Include a spending card.
 48. Themethod of claim 25 wherein the communication tools include an internetservice provider.
 49. The method of claim 25 wherein the communicationtools include telephone service.
 50. The method of claim 25 wherein thecommunication tools include a wireless service provider.
 51. A method ofplanning for an education with the assistance of an organizationcomprising: a website maintained by the organization; an informationhandling system for accessing the website by a user comprising: amicroprocessor; and a storage coupled to the microprocessor; the usercommunicating with the website for saving for an education throughservices provided by the organization; the user communicating with thewebsite for financing the education through services provided by theorganization; the user communicating with the website for insuring theeducation plan through services provided by the organization; the usercommunicating with the website for obtaining various spending toolsprovided by the organization; and the user communicating with thewebsite for procuring various communication tools provided by theorganization.
 52. The method of claim 51 wherein the communicating withthe website for saving comprises: assessing the users needs and currentfinancial situation.
 53. The method of claim 51 wherein thecommunicating with the website for saving comprises: determining thecost of the education and the saving required to pay for the education.54. The method of claim 51 wherein the communicating with the websitefor saving comprises: exploring and comparing multiple savings optionsfor an education.
 55. The method of claim 51 wherein the communicatingwith the website for saving includes selecting a 529 College SavingsPlan.
 56. The method of claim 51 wherein the communicating with thewebsite for saving includes selecting a Education Savings Account. 57.The method of claim 51 wherein the communicating with the website forsaving includes selecting a custodial account.
 58. The method of claim51 wherein the communicating with the website for saving includesselecting information on a prepaid tuition plan.
 59. The method of claim51 wherein the communicating with the website for financing includesselecting a home equity line of credit.
 60. The method of claim 51wherein the communicating with the website for financing includesselecting a home equity loan.
 61. The method of claim 51 wherein thecommunicating with the website for financing includes selecting a moneymarket account.
 62. The method of claim 51 wherein the communicatingwith the website for financing includes opening at least one account.63. The method of claim 51 wherein the communicating with the websitefor insuring includes determining the need for and purchasing lifeinsurance.
 64. The method of claim 51 wherein the communicating with thewebsite for insuring includes determining the need for and purchasingdisability income protection.
 65. The method of claim 51 wherein thecommunicating with the website for insuring includes determining theneed for and purchasing health insurance.
 66. The method of claim 51wherein the communicating with the website for insuring includesdetermining the need for and purchasing car insurance.
 67. The method ofclaim 51 wherein the communicating with the website for insuringincludes determining the need for and purchasing property insurance. 68.The method of claim 51 wherein the communicating with the website forobtaining includes obtaining a spending account.
 69. The method of claim51 wherein the communicating with the website for obtaining includesobtaining a spending card.
 70. The method of claim 51 wherein thecommunicating with the website for procuring includes procuring aninternet service provider.
 71. The method of claim 51 wherein thecommunicating with the website for procuring includes procuringtelephone service.
 72. The method of claim 51 wherein the communicatingwith the website for procuring includes procuring a wireless serviceprovider.